KUALA LUMPUR, March 6 — Former Singapore-based banker Kevin Michael Swampillai said one of the suspicions raised by BSI Bank Singapore’s compliance department was whether SRC...
In SRC’s US$1.1b suit against Najib, ex-banker says doubted if firm’s directors knew about money being moved aroundIn SRC’s US$1.1b suit against Najib, ex-banker says doubted if firm’s directors knew about money being moved around
“The CAC has the responsibility, and in the case of politically exposed clients, to monitor their transactions and activities. He admitted that the bank had indeed failed to report to the Commercial Affairs Department of the Singapore Police Force and Monetary Authority of Singapore at the material time pertaining to said sham transactions totalling US$864.5 million between November 2011 and April 2012.
He also agreed to Harvinderjit’s suggestion that such unusualness in the transactions would elicit some form of reasonable endeavours by the board to enquire into it, adding that he had always assumed there was already an existing governance structure within the company. SRC as a plaintiff in the writ of summons had alleged that Najib had abused his power and obtained personal benefits from SRC International’s funds as well as misappropriated the funds. Najib was SRC’s Emeritus Advisor from May 1, 2012, until March 4, 2019.
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